1 / 7

Accounting Division

Accounting Division. Key Terms . Financial Transaction: The process of buying something and paying for it Ledger: The book that the financial transactions are recorded in (all done online now)

terris
Download Presentation

Accounting Division

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Accounting Division

  2. Key Terms • Financial Transaction: The process of buying something and paying for it • Ledger: The book that the financial transactions are recorded in (all done online now) • Accounting: A system of recording and summarizing financial transactions and analyzing and reporting the results

  3. Functions of the Accounting Division • 1. Keep Track of Transactions • Restaurant, Reservations, Gift shop, anything purchased • Payroll • Taxes • 2. Make Payments and Deposits • Pay bills, send out invoices, make deposits • 3. Categorize Transactions • Accounts: a financial record that lists transactions and shows the balance.

  4. Functions of the Accounting Division • 4. Control Costs • Monitors the costs of items purchased by the business • 5. Prepare Financial Statements • Balance sheet: shows the financial value of the company on a specific date • Income statement: summarizes all the revenue made and all the expenses paid out during a time period • Cash flow statement: Shows the ways that cash moves in and out of the business during a time period

  5. Jobs/Departments • The Controller • Oversees all operations of the accounting department and supervises the accounting staff. He/She reports directly to the general manager. • Departments Within Accounting • Accounts Receivable • Accounts Payable • Night Audit • Food and Beverage Controller

  6. Skills and Technology • Personal Qualities and Skills • Math skills, attention to detail, computing skills, administrative skills, organizational skills, problem solving skills, etc. • V. Technological Innovations • Property Management System • Point of Sale computing

  7. Questions • 1. What is the difference between a debit and a credit? • 2. List the five main functions of the accounting division • 3. Name the 2 types of software used in the hospitality industry to keep track of financial transactions • 4. How does the accounting department help a business control costs? • 5. List the 3 basic financial statements • 6. Name the person in charge of the accounting division • 7. List the 4 departments within accounting and what each does • 8. What is an audit • 9. Name 4 qualities that workers in the accounting department should have • 10. Why do the front office and the accounting division need to work together?

More Related